Corning Incorporated (NYSE:GLW) Short Interest Up 28.9% in June

Corning Incorporated (NYSE:GLW) saw a large growth in short interest in June. As of June 30th, there was short interest totalling 16,557,300 shares, a growth of 28.9% from the May 30th total of 12,848,700 shares. Approximately 2.1% of the company’s stock are short sold. Based on an average daily volume of 4,520,000 shares, the days-to-cover ratio is currently 3.7 days.

Shares of GLW traded up $0.46 on Friday, reaching $33.01. The company’s stock had a trading volume of 4,466,537 shares, compared to its average volume of 4,842,103. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.53. Corning has a twelve month low of $27.67 and a twelve month high of $36.56. The firm has a market cap of $25.54 billion, a PE ratio of 18.54, a PEG ratio of 1.52 and a beta of 1.20. The company has a fifty day moving average of $31.65.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. Corning had a net margin of 18.57% and a return on equity of 15.02%. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the business posted $0.31 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. Equities research analysts forecast that Corning will post 1.95 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 31st were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.80 annualized dividend and a yield of 2.42%. Corning’s dividend payout ratio (DPR) is 44.94%.

In other news, VP Christine M. Pambianchi sold 194,960 shares of the stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the transaction, the vice president now owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the business. Smith Graham & Co. Investment Advisors LP increased its stake in Corning by 1.0% in the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 161,030 shares of the electronics maker’s stock valued at $5,330,000 after buying an additional 1,560 shares during the last quarter. Putnam FL Investment Management Co. increased its stake in Corning by 9.8% in the 4th quarter. Putnam FL Investment Management Co. now owns 6,759 shares of the electronics maker’s stock valued at $204,000 after buying an additional 605 shares during the last quarter. Harvest Group Wealth Management LLC purchased a new stake in Corning in the 1st quarter valued at about $144,000. Wedgewood Investors Inc. PA increased its stake in Corning by 3.4% in the 1st quarter. Wedgewood Investors Inc. PA now owns 10,750 shares of the electronics maker’s stock valued at $356,000 after buying an additional 350 shares during the last quarter. Finally, Steinberg Global Asset Management increased its stake in Corning by 11.5% in the 1st quarter. Steinberg Global Asset Management now owns 41,843 shares of the electronics maker’s stock valued at $1,167,000 after buying an additional 4,320 shares during the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

A number of equities research analysts recently weighed in on GLW shares. Zacks Investment Research lowered shares of Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. ValuEngine upgraded shares of Zillow Group from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Bank of America restated a “buy” rating and issued a $105.00 target price (up previously from $100.00) on shares of Zendesk in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Corning currently has an average rating of “Buy” and a consensus target price of $36.33.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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